President Donald Trump is preparing to slap tariffs on Chinese goods just after midnight Friday, the first shot in a trade war between the world's two biggest economies.Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington, the U.S. Trade Representative confirmed in an email Thursday. The milestone marks a new and damaging phase in a conflict that has roiled markets and cast a shadow over the global growth outlook.In Beijing, policymakers are digging in for what could be a protracted fight—one in which they say they won't be the aggressor. Beijing has said retaliatory tariffs on U.S. goods ranging from soybeans to pork will go into effect immediately after the U.S. acts.With further tit-for-tat levies already threatened between the U.S. and China, some investors are concerned this week may mark the start of a trade war that spreads globally. Trump has already imposed tariffs on imported steel, aluminum, solar panels, and washing machines.The looming tariffs have also weighed on markets, prompting central bank officials to reassure investors. The European Union has taken a firm stance ahead of the escalation, with Bank of England Governor Mark Carney saying that the rise of protectionism will affect trade flows and push up import costs.Here's a run down of the key facts about China's position in the conflict:

What goods are to be targeted?

On June 15, Trump said the U.S. would begin charging additional duties of 25 percent on $50 billion worth of Chinese imports in response to what he says is theft of American intellectual property. That's split into two rounds—$34 billion on Friday and $16 billion later.China has said it will fight back with “equal scale, equal intensity.”

How will the tariffs be implemented?

Customs services for the U.S. and China will be responsible for collecting the new tariffs as imports pass through the port of entry. When products on the list for extra levies are declared to customs, the importer will pay the additional levies.